Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-50755 | |
Entity Registrant Name | OPTIMUMBANK HOLDINGS, INC. | |
Entity Central Index Key | 0001288855 | |
Entity Tax Identification Number | 55-0865043 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 2929 East Commercial Boulevard | |
Entity Address, City or Town | Fort Lauderdale | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33308 | |
City Area Code | 954 | |
Local Phone Number | 900-2800 | |
Title of 12(b) Security | Common Stock, $.01 Par Value | |
Trading Symbol | OPHC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 4,730,709 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and due from banks | $ 16,563 | $ 25,523 |
Interest-bearing deposits with banks | 67,020 | 29,106 |
Total cash and cash equivalents | 83,583 | 54,629 |
Debt securities available for sale | 35,738 | 18,893 |
Debt securities held-to-maturity (fair value of $1,375 and $3,549) | 1,327 | 3,399 |
Loans, net of allowance for loan losses of $2,695 and $1,906 | 205,865 | 152,469 |
Federal Home Loan Bank stock | 793 | 1,092 |
Premises and equipment, net | 1,571 | 1,413 |
Right-of-use lease assets | 969 | 904 |
Accrued interest receivable | 863 | 1,336 |
Other assets | 4,364 | 977 |
Total assets | 335,073 | 235,112 |
Liabilities: | ||
Noninterest-bearing demand deposits | 114,011 | 58,312 |
Savings, NOW and money-market deposits | 153,406 | 110,704 |
Time deposits | 14,329 | 21,743 |
Total deposits | 281,746 | 190,759 |
Federal Home Loan Bank advances | 18,000 | 23,000 |
Junior subordinated debenture | 2,068 | |
Official checks | 491 | 142 |
Operating lease liabilities | 998 | 923 |
Other liabilities | 666 | 386 |
Total liabilities | 301,901 | 217,278 |
Commitments and contingencies (Notes 1, 8 and 11) | ||
Stockholders’ equity: | ||
Preferred stock value | ||
Common stock, $.01 par value; 10,000,000 shares authorized, 4,524,509 and 3,203,455 shares issued and outstanding | 45 | 32 |
Additional paid-in capital | 64,146 | 50,263 |
Accumulated deficit | (30,683) | (32,392) |
Accumulated other comprehensive loss | (336) | (69) |
Total stockholders’ equity | 33,172 | 17,834 |
Total liabilities and stockholders’ equity | 335,073 | 235,112 |
Designated Series B Preferred Stock [Member] | ||
Stockholders’ equity: | ||
Preferred stock value |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt securities held to maturity, fair value | $ 1,375 | $ 3,549 |
Loans, allowance for loan losses | $ 2,695 | $ 1,906 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 6,000,000 | 6,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 4,524,509 | 3,203,455 |
Common stock, shares outstanding | 4,524,509 | 3,203,455 |
Designated Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 760 | 760 |
Preferred stock, shares issued | 760 | 400 |
Preferred stock, shares outstanding | 760 | 400 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income: | ||||
Loans | $ 2,795 | $ 1,723 | $ 6,820 | $ 4,697 |
Debt securities | 150 | 41 | 327 | 136 |
Other | 28 | 7 | 81 | 67 |
Total interest income | 2,973 | 1,771 | 7,228 | 4,900 |
Interest expense: | ||||
Deposits | 146 | 290 | 480 | 1,047 |
Borrowings | 62 | 96 | 241 | 322 |
Total interest expense | 208 | 386 | 721 | 1,369 |
Net interest income | 2,765 | 1,385 | 6,507 | 3,531 |
Provision for loan losses | 582 | 524 | 955 | 1,236 |
Net interest income after provision for loan losses | 2,183 | 861 | 5,552 | 2,295 |
Noninterest income: | ||||
Service charges and fees | 375 | 1 | 816 | 52 |
Other | 48 | 63 | 86 | 118 |
Total noninterest income | 423 | 64 | 902 | 170 |
Noninterest expenses: | ||||
Salaries and employee benefits | 921 | 582 | 2,347 | 1,616 |
Professional fees | 141 | 121 | 393 | 368 |
Occupancy and equipment | 156 | 146 | 467 | 435 |
Data processing | 195 | 132 | 542 | 381 |
Insurance | 23 | 21 | 69 | 66 |
Regulatory assessment | 20 | 59 | 147 | 129 |
Other | 233 | 360 | 780 | 621 |
Total noninterest expenses | 1,689 | 1,421 | 4,745 | 3,616 |
Net earnings (loss) before income taxes | 917 | (496) | 1,709 | (1,151) |
Income taxes | ||||
Net earnings (loss) | $ 917 | $ (496) | $ 1,709 | $ (1,151) |
Net earnings (loss) per share - basic and diluted | $ 0.21 | $ (0.17) | $ 0.47 | $ (0.39) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net earnings (loss) | $ 917 | $ (496) | $ 1,709 | $ (1,151) |
Change in unrealized gain on debt securities: | ||||
Unrealized gain (loss) arising during the period | 233 | (30) | (340) | 36 |
Amortization of unrealized loss on debt securities transferred to held-to-maturity | 18 | 35 | 98 | 83 |
Other comprehensive income (loss) before income taxes | 251 | 5 | (242) | 119 |
Deferred income taxes | (2) | (25) | (30) | |
Total other comprehensive income (loss) | 251 | 3 | (267) | 89 |
Comprehensive income (loss) | $ 1,168 | $ (493) | $ 1,442 | $ (1,062) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders" Equity - USD ($) $ in Thousands | Series A Preferred Stock [Member]Preferred Stock [Member] | Series B Preferred Stock [Member]Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 28 | $ 38,994 | $ (31,610) | $ (205) | $ 7,207 | ||
Balance, shares at Dec. 31, 2019 | 2,853,171 | ||||||
Proceeds from the sale of common stock (unaudited) | $ 1 | 538 | 539 | ||||
Proceeds from the sale of common stock (unaudited), shares | 98,182 | ||||||
Net earnings (loss) | (308) | (308) | |||||
Net change in unrealized gain on debt securities available for sale (unaudited) | 35 | 35 | |||||
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited) | 18 | 18 | |||||
Ending balance, value at Mar. 31, 2020 | $ 29 | 39,532 | (31,918) | (152) | 7,491 | ||
Balance, shares at Mar. 31, 2020 | 2,951,353 | ||||||
Beginning balance, value at Dec. 31, 2019 | $ 28 | 38,994 | (31,610) | (205) | 7,207 | ||
Balance, shares at Dec. 31, 2019 | 2,853,171 | ||||||
Net earnings (loss) | (1,151) | ||||||
Ending balance, value at Sep. 30, 2020 | $ 29 | 46,532 | (32,761) | (116) | 13,684 | ||
Balance, shares at Sep. 30, 2020 | 280 | 2,951,353 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 29 | 39,532 | (31,918) | (152) | 7,491 | ||
Balance, shares at Mar. 31, 2020 | 2,951,353 | ||||||
Proceeds from the sale of preferred stock (unaudited) | 2,500 | 2,500 | |||||
Proceeds from the sale of preferred stock (unaudited), shares | 100,000 | ||||||
Net earnings (loss) | (347) | (347) | |||||
Net change in unrealized gain on debt securities available for sale (unaudited) | 15 | 15 | |||||
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited) | 18 | 18 | |||||
Ending balance, value at Jun. 30, 2020 | $ 29 | 42,032 | (32,265) | (119) | 9,677 | ||
Balance, shares at Jun. 30, 2020 | 100 | 2,951,353 | |||||
Proceeds from the sale of preferred stock (unaudited) | 4,500 | 4,500 | |||||
Proceeds from the sale of preferred stock (unaudited), shares | 180 | ||||||
Net earnings (loss) | (496) | (496) | |||||
Net change in unrealized gain on debt securities available for sale (unaudited) | (23) | (23) | |||||
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited) | 26 | 26 | |||||
Ending balance, value at Sep. 30, 2020 | $ 29 | 46,532 | (32,761) | (116) | 13,684 | ||
Balance, shares at Sep. 30, 2020 | 280 | 2,951,353 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 32 | 50,263 | (32,392) | (69) | 17,834 | ||
Balance, shares at Dec. 31, 2020 | 400 | 3,203,455 | |||||
Proceeds from the sale of preferred stock (unaudited) | 4,000 | 4,000 | |||||
Proceeds from the sale of preferred stock (unaudited), shares | 160 | ||||||
Common stock issued for junior subordinated debenture (unaudited) | 41 | 41 | |||||
Common stock issued for junior subordinated debenture (unaudited), shares | 11,042 | ||||||
Net earnings (loss) | 348 | 348 | |||||
Net change in unrealized gain on debt securities available for sale (unaudited) | (922) | (922) | |||||
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited) | 22 | 22 | |||||
Ending balance, value at Mar. 31, 2021 | $ 32 | 54,304 | (32,044) | (969) | 21,323 | ||
Balance, shares at Mar. 31, 2021 | 560 | 3,214,497 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 32 | 50,263 | (32,392) | (69) | 17,834 | ||
Balance, shares at Dec. 31, 2020 | 400 | 3,203,455 | |||||
Ending balance, value at Jun. 30, 2021 | $ 38 | 61,321 | (31,600) | (587) | 29,172 | ||
Balance, shares at Jun. 30, 2021 | 760 | 3,759,291 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 32 | 50,263 | (32,392) | (69) | 17,834 | ||
Balance, shares at Dec. 31, 2020 | 400 | 3,203,455 | |||||
Net earnings (loss) | 1,709 | ||||||
Ending balance, value at Sep. 30, 2021 | $ 45 | 64,146 | (30,683) | (336) | 33,172 | ||
Balance, shares at Sep. 30, 2021 | 760 | 4,524,509 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 32 | 54,304 | (32,044) | (969) | 21,323 | ||
Balance, shares at Mar. 31, 2021 | 560 | 3,214,497 | |||||
Proceeds from the sale of preferred stock (unaudited) | 5,000 | 5,000 | |||||
Proceeds from the sale of preferred stock (unaudited), shares | 200 | ||||||
Proceeds from the sale of common stock (unaudited) | $ 3 | 1,173 | 1,176 | ||||
Proceeds from the sale of common stock (unaudited), shares | 262,417 | ||||||
Common stock issued for junior subordinated debenture (unaudited) | $ 3 | 844 | 847 | ||||
Common stock issued for junior subordinated debenture (unaudited), shares | 282,377 | ||||||
Net earnings (loss) | 444 | 444 | |||||
Net change in unrealized gain on debt securities available for sale (unaudited) | 349 | 349 | |||||
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited) | 33 | 33 | |||||
Ending balance, value at Jun. 30, 2021 | $ 38 | 61,321 | (31,600) | (587) | 29,172 | ||
Balance, shares at Jun. 30, 2021 | 760 | 3,759,291 | |||||
Proceeds from the sale of common stock (unaudited) | $ 3 | 1,608 | 1,611 | ||||
Proceeds from the sale of common stock (unaudited), shares | 358,023 | ||||||
Common stock issued for junior subordinated debenture (unaudited) | $ 4 | 1,217 | 1,221 | ||||
Common stock issued for junior subordinated debenture (unaudited), shares | 407,195 | ||||||
Net earnings (loss) | 917 | 917 | |||||
Net change in unrealized gain on debt securities available for sale (unaudited) | 233 | 233 | |||||
Amortization of unrealized loss on debt securities transferred to held-to-maturity (unaudited) | 18 | 18 | |||||
Ending balance, value at Sep. 30, 2021 | $ 45 | $ 64,146 | $ (30,683) | $ (336) | $ 33,172 | ||
Balance, shares at Sep. 30, 2021 | 760 | 4,524,509 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 1,709 | $ (1,151) |
Adjustments to reconcile net earnings (loss) to net cash used in operating activities: | ||
Provision for loan losses | 955 | 1,236 |
Depreciation and amortization | 156 | 132 |
Stock - based compensation | 200 | 200 |
Net accretion of fees, premiums and discounts | (586) | (27) |
Decrease (increase) in accrued interest receivable | 473 | (1,112) |
Amortization of right of use asset | 126 | 113 |
Net decrease in operating lease liabilities | (116) | (103) |
Increase in other assets | (3,412) | (270) |
Increase (decrease) in official checks and other liabilities | 470 | (1,063) |
Net cash used in operating activities | 25 | (2,045) |
Cash flows from investing activities: | ||
Purchase of debt securities available for sale | (19,513) | (3,638) |
Principal repayments of debt securities available for sale | 2,184 | 1,585 |
Principal repayments of debt securities held-to-maturity | 2,113 | 1,276 |
Net increase in loans | (53,564) | (44,109) |
Purchases of premises and equipment | (314) | (165) |
Redemption (purchase) of FHLB stock | 299 | (450) |
Net cash used in investing activities | (68,795) | (45,501) |
Cash flows from financing activities: | ||
Net increase in deposits | 90,987 | 66,344 |
Net (decrease) increase in FHLB Advances | (5,000) | 10,000 |
Proceeds from sale of preferred stock | 9,000 | 7,000 |
Proceeds from sale of common stock | 2,787 | 539 |
Net cash provided by financing activities | 97,774 | 83,883 |
Net increase in cash and cash equivalents | 28,954 | 36,337 |
Cash and cash equivalents at beginning of the period | 54,629 | 8,934 |
Cash and cash equivalents at end of the period | 83,583 | 45,271 |
Cash paid during the period for: | ||
Interest | 776 | 2,354 |
Income taxes | ||
Noncash transactions: | ||
Change in accumulated other comprehensive loss, net change in unrealized (loss) gain on debt securities available for sale, net of income taxes | (267) | 89 |
Amortization of unrealized loss on debt securities transferred to held-to-maturity | 98 | 83 |
Right-of use lease assets obtained in exchange for operating lease liabilities | 191 | |
Transfer of loans to foreclosed real estate | 681 | |
Increase in other liabilities for Stock-based compensation | 200 | 200 |
Issuance of common stock for Junior Subordinated Debenture | 2,068 | |
Issuance of common stock for Junior Subordinated Debenture interest payable | $ 41 |
General
General | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
General | (1) General 100 Basis of Presentation Subsequent Events . The Company has evaluated subsequent events through November 9, 2021, which is the date the condensed consolidated financial statements were issued. Coronavirus Global Pandemic Junior Subordinated Debenture 5,155,000 5,000 155 5,155,000 The outstanding principal amount of the Junior Subordinated Debenture at December 31, 2020, was $ 2,068,000 30,000 During the first nine months of 2021, the Company acquired all of the outstanding Trust Preferred Securities and paid all accrued interest in exchange for 700,614 During the first quarter of 2021, the Company issued 11,042 shares of common stock to pay approximately $ 41,000 of accrued interest associated with the Junior Subordinated Debenture. During the second quarter of 2021, the Company issued 282,377 840 840,000 7,000 During the third quarter of 2021, the Company issued 407,195 1,228 1,221,000 As of September 30, 2021, the Company had acquired all of the Trust Preferred Securities. Accordingly, there was no principal or accrued interest owed by the Company with respect to the Junior Subordinated Debenture or the Trust Preferred Securities at September 30, 2021. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (1) General, Continued. Comprehensive Income (Loss) . GAAP generally requires that recognized revenue, expenses, gains and losses be included in net earnings (loss). Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale debt securities, are reported as a separate component of the equity section of the condensed consolidated balance sheets, such items along with net earnings (loss), are components of comprehensive income (loss). Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated Other Comprehensive Loss September 30, December 31, 2021 2020 Unrealized (loss) gain on debt securities available for sale $ (290 ) $ 50 Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (46 ) (144 ) Income tax benefit — 25 Accumulated other comprehensive loss $ (336 ) $ (69 ) Income Taxes Reclassifications Recent Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 Financial Instruments-Credit Losses (Topic 326) (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) |
Debt Securities
Debt Securities | 9 Months Ended |
Sep. 30, 2021 | |
Debt Securities | |
Debt Securities | (2) Debt Securities Schedule of Amortized Cost and Approximate Fair Values of Debt Securities Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At September 30, 2021: Available for sale: SBA Pool Securities $ 1,139 $ 1 $ (27 ) $ 1,113 Collateralized mortgage obligations 237 13 — 250 Taxable municipal securities 16,776 58 (165 ) 16,669 Mortgage-backed securities 17,876 31 (201 ) 17,706 Total $ 36,028 $ 103 $ (393 ) $ 35,738 Held-to-maturity: Collateralized mortgage obligations $ 1,061 $ 43 — $ 1,104 Mortgage-backed securities 266 5 — 271 Total $ 1,327 $ 48 — $ 1,375 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At December 31, 2020: Available for sale: SBA Pool Securities $ 1,338 $ — $ (41 ) $ 1,297 Collateralized mortgage obligations 458 27 — 485 Taxable municipal securities 5,063 29 (7 ) 5,085 Mortgage-backed securities 11,984 53 (11 ) 12,026 Total $ 18,843 $ 109 $ (59 ) $ 18,893 Held-to-maturity: Collateralized mortgage obligations $ 2,420 $ 116 — $ 2,536 Mortgage-backed securities 979 34 — 1,013 Total $ 3,399 $ 150 — $ 3,549 There were no (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (2) Debt Securities Continued. Debt Securities available for sale with gross unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position, is as follows (in thousands): Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category At September 30, 2021 Over Twelve Months Less Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value Available for Sale : SBA Pool Securities (27 ) 907 — — Taxable municipal securities — — (165 ) 12,124 Mortgage-backed securities (39 ) 1,613 (162 ) 15,205 Total $ (66 ) $ 2,520 $ (327 ) $ 27,329 At December 31, 2020 Over Twelve Months Less Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value Available for Sale : SBA Pool Securities (41 ) 1,297 — — Taxable municipal securities — — (7 ) 1,413 Mortgage-backed securities — — (11 ) 3,583 Total $ (41 ) $ 1,297 $ (18 ) $ 4,996 Management evaluates debt securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospectus of the issuer, and (3) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. At September 30, 2021 and December 31, 2020, the unrealized losses on twenty-nine eleven (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) |
Loans
Loans | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans | (3) Loans Schedule of Components of Loans September 30, December 31, 2021 2020 Residential real estate $ 30,721 $ 28,997 Multi-family real estate 41,159 19,210 Commercial real estate 102,416 74,398 Land and construction 4,694 4,750 Commercial 18,269 21,849 Consumer 12,085 5,715 Total loans 209,344 154,919 Deduct: Net deferred loan fees, costs and premiums (784 ) (544 ) Allowance for loan losses (2,695 ) (1,906 ) Loans, net $ 205,865 $ 152,469 An analysis of the change in the allowance for loan losses follows (in thousands): Schedule of Change in Allowance for Loan Losses Real Estate Real Estate Commercial Real Estate Land and Construction Commercial Consumer Unallocated Total Residential Multi-Family Real Estate Real Estate Commercial Real Estate Land and Construction Commercial Consumer Unallocated Total Three Months Ended September 30, 2021: Beginning balance $ 472 $ 392 $ 938 $ 57 $ 58 $ 314 $ — $ 2,231 (Credit) provision for loan losses (29 ) 102 349 (10 ) 39 131 — 582 Charge-offs — — — — (10 ) (111 ) — (121 ) Recoveries 3 — — — — — — 3 Ending balance $ 446 $ 494 $ 1,287 $ 47 $ 87 $ 334 $ — $ 2,695 Three Months Ended September 30, 2020: Beginning balance $ 717 $ 153 $ 888 $ 50 $ 620 $ 236 $ — $ 2,664 Provision (credit) for loan losses 85 75 84 (5 ) 292 (7 ) — 524 Charge-offs (259 — — — (775 ) (17 ) — (1,051 ) Recoveries 1 — — 6 — 1 — 8 Ending balance $ 544 $ 228 $ 972 $ 51 $ 137 $ 213 $ — $ 2,145 Nine Months Ended September 30, 2021: Beginning balance $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ — $ 1,906 (Credit) provision for loan losses (46 ) 241 403 (13 ) 4 366 — 955 Charge-offs — — — — (20 ) (191 ) — (211 ) Recoveries 29 — — $ 8 — 8 — 45 Ending balance $ 446 $ 494 $ 1,287 $ 47 $ 87 $ 334 $ — $ 2,695 Nine Months Ended September 30, 2020: Beginning balance $ 531 $ 82 $ 624 $ 21 $ 573 $ 152 $ 26 $ 2,009 Provision (credit) for loan losses 264 146 348 12 339 153 (26 ) 1,236 Charge-offs (259 ) — — — (775 ) (94 ) — (1,128 ) Recoveries 8 — — 18 — 2 — 28 Ending balance $ 544 $ 228 $ 972 $ 51 $ 137 $ 213 $ - $ 2,145 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Multi- Residential Family Real Estate Real Estate Commercial Real Estate Land and Construction Commercial Consumer Unallocated Total At September 30, 2021: Individually evaluated for impairment: Recorded investment $ — $ — $ — $ — $ — $ — $ — $ — Balance in allowance for loan losses $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment: Recorded investment $ 30,721 $ 41,159 $ 102,416 $ 4,694 $ 18,269 $ 12,085 $ — $ 209,344 Balance in allowance for loan losses $ 446 $ 494 $ 1,287 $ 47 $ 87 $ 334 $ — $ 2,695 At December 31, 2020: Individually evaluated for impairment: Recorded investment $ — $ — $ 2,193 $ — $ — $ — $ — $ 2,193 Balance in allowance for loan losses $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment: Recorded investment $ 28,997 $ 19,210 $ 72,205 $ 4,750 $ 21,849 $ 5,715 $ — $ 152,726 Balance in allowance for loan losses $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ — $ 1,906 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Residential Real Estate, Multi-Family Real Estate, Commercial Real Estate, Land and Construction. Commercial. 502 37.4 14.3 Consumer. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Schedule of Loans by Credit Quality OLEM (Other Loans Especially Sub- Pass Mentioned) Standard Doubtful Loss Total At September 30, 2021: Residential real estate $ 28,212 $ — $ 2,509 $ — $ — $ 30,721 Multi-family real estate 41,159 — — — — 41,159 Commercial real estate 99,825 2,591 — — — 102,416 Land and construction 4,694 — — — — 4,694 Commercial 17,992 277 — — — 18,269 Consumer 12,085 — — — — 12,085 Total $ 203,967 $ 2,868 $ 2,509 $ — $ — $ 209,344 At December 31, 2020: Residential real estate $ 28,151 $ — $ 846 $ — $ — $ 28,997 Multi-family real estate 19,210 — — — — 19,210 Commercial real estate 66,089 4,449 3,860 — — 74,398 Land and construction 4,750 — — — — 4,750 Commercial 20,735 1,114 — — — 21,849 Consumer 5,715 — — — — 5,715 Total $ 144,650 $ 5,563 $ 4,706 $ — $ — $ 154,919 Internally assigned loan grades are defined as follows: Pass – a Pass loan’s primary source of loan repayment is satisfactory, with secondary sources very likely to be realized if necessary. These are loans that conform in all aspects to bank policy and regulatory requirements, and no repayment risk has been identified. OLEM – an Other Loan Especially Mentioned has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Substandard – a Substandard loan is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Included in this category are loans that are current on their payments, but the Bank is unable to document the source of repayment. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – a loan classified as Doubtful has all the weaknesses inherent in one classified as Substandard, with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. The Company charges off any loan classified as Doubtful. Loss – a loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future. The Company fully charges off any loan classified as Loss. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Schedule of Age Analysis of Past-due Loans Accruing Loans Greater 30-59 60-89 Than 90 Days Past Days Past Days Past Total Past Nonaccrual Total Due Due Past Due Current Loans Loans At September 30, 2021: Residential real estate $ — $ — $ — $ — $ 30,721 $ — $ 30,721 Multi-family real estate — — — — 41,159 — 41,159 Commercial real estate — — — — 102,416 — 102,416 Land and construction — — — — 4,694 — 4,694 Commercial — — — — 18,269 — 18,269 Consumer 21 22 — 43 12,042 — 12,085 Total $ 21 $ 22 $ — $ 43 $ 209,301 $ — $ 209,344 Accruing Loans Greater 30-59 Days 60-89 Days Than 90 Days Total Past Past Past Past Nonaccrual Total Due Due Due Due Current Loans Loans At December 31, 2020: Residential real estate $ 977 $ — $ — $ 977 $ 28,020 $ — $ 28,997 Multi-family real estate — — — — 19,210 — 19,210 Commercial real estate — — — — 72,205 2,193 74,398 Land and construction — — — — 4,750 — 4,750 Commercial — — — — 21,849 — 21,849 Consumer 6 — — 6 5,709 — 5,715 Total $ 983 $ — $ — $ 983 $ 151,743 $ 2,193 $ 154,919 There were no impaired loans at September 30, 2021. The following summarizes the amount of impaired loans at December 31, 2020 (in thousands): Schedule of Impaired Loans December 31, 2020 Unpaid Recorded Principal Related Investment Balance Allowance With no related allowance recorded: Commercial real estate $ 2,193 $ 2,193 — (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Schedule of Interest Income Recognized and Received on Impaired Loans Three Months Ended September 30, 2021 2020 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential real estate $ — $ — $ — $ 626 $ — $ — Commercial real estate $ — $ — $ — $ 2,193 $ 26 $ — Commercial $ — $ — $ — $ 270 $ — $ — Total $ — $ — $ — $ 3,089 $ 26 $ — Nine Months Ended September 30, 2021 2020 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential real estate $ — $ — $ — $ 846 $ 18 $ 11 Commercial real estate $ 658 $ 7 $ 7 $ 2,194 $ 78 $ 60 Commercial $ — $ — $ — $ 649 $ — $ 18 Total $ 658 $ 7 $ 7 $ 3,689 $ 96 $ 89 No loans have been determined to be troubled debt restructurings (TDR’s) during the three and nine month periods ended September 30, 2021 or 2020. At September 30, 2021 and 2020, there were no loans modified and entered into as TDR’s within the past twelve months, that subsequently defaulted during the three and nine month periods ended September 30, 2021 or 2020. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | (4) Earnings (Loss) Per Share Schedule of Basic and Diluted Loss Per Share 2021 2020 2021 2020 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted-average number of common shares outstanding used to calculate basic and diluted loss per common share 4,346,211 2,951,353 3,611,814 2,920,961 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | (5) Stock-Based Compensation The Company is authorized to grant stock options, stock grants and other forms of equity-based compensation under its 2018 Equity Incentive Plan (the “2018 Plan”). The plan has been approved by the shareholders. The Company is authorized to issue up to 550,000 shares of common stock under the 2018 Plan, of which 250,096 shares remain available for grant. No During the first quarter of 2021, the Company agreed to issue 62,112 shares to a director for services performed and recorded compensation expense of $ 200,000 . At September 30, 2021 the director had not yet taken delivery of the shares. As such, at September 30, 2021, the $ 200,000 is presented on the accompanying condensed consolidated balance sheets under the caption of “other liabilities”. During October 2021, the director took delivery of the shares. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (6) Fair Value Measurements no Debt securities available for sale measured at fair value on a recurring basis are summarized below (in thousands): Schedule of Debt Securities Available-for-sale Measured at Fair Value on Recurring Basis Fair Value Measurements Using Quoted Prices Significant In Active Markets for Other Observable Significant Unobservable Fair Value Identical Assets Inputs Inputs (Level 3) At September 30, 2021 : SBA Pool Securities $ 1,113 $ — $ 1,113 — Collateralized mortgage obligations 250 — 250 — Taxable municipal securities 16,669 — 16,669 — Mortgage-backed securities 17,706 — 17,706 — Total $ 35,738 — $ 35,738 — Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) At December 31, 2020 : SBA Pool Securities $ 1,297 $ — $ 1,297 — Collateralized mortgage obligations 485 — 485 — Taxable municipal securities 5,085 — 5,085 — Mortgage-backed securities 12,026 — 12,026 — Total $ 18,893 — $ 18,893 — |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | (7) Fair Value of Financial Instruments Schedule of Estimated Fair Value of Financial Instruments Carrying Amount Fair Value Level Carrying Amount Fair Value Level At September 30, 2021 At December 31, 2020 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 83,583 $ 83,583 1 $ 54,629 $ 54,629 1 Debt securities available for sale 35,738 35,738 2 18,893 18,893 2 Debt securities held-to-maturity 1,327 1,375 2 3,399 3,549 2 Loans 205,865 205,807 3 152,469 153,276 3 Federal Home Loan Bank stock 793 793 3 1,092 1,092 3 Accrued interest receivable 863 863 3 1,336 1,336 3 Financial liabilities: Deposit liabilities 281,746 281,813 3 190,759 191,011 3 Federal Home Loan Bank advances 18,000 18,185 3 23,000 23,254 3 Junior subordinated debenture — — 3 2,068 N/A (1) 3 Off-balance sheet financial instruments — — 3 — — 3 (1) The Company is unable to determine value based on significant unobservable inputs required in the calculation. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) |
Off- Balance Sheet Financial In
Off- Balance Sheet Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Off- Balance Sheet Financial Instruments | |
Off- Balance Sheet Financial Instruments | (8) Off- Balance Sheet Financial Instruments The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the counterparty. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit to customers is essentially the same as that involved in extending loan facilities to customers. The Bank generally holds collateral supporting those commitments. Standby letters of credit generally have expiration dates within one year. Commitments to extend credit, unused lines of credit, and standby letters of credit typically result in loans with a market interest rate when funded. A summary of the contractual amounts of the Company’s financial instruments with off-balance-sheet risk at September 30, 2021 follows (in thousands): Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 16,153 Unused lines of credit $ 11,532 Standby letters of credit $ 4,550 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Matters | (9) Regulatory Matters In 2019, the federal banking agencies jointly issued a final rule that provides for an optional, simplified measure of capital adequacy, the community bank leverage ratio framework (CBLR framework), for qualifying community banking organizations. The final rule became effective on January 1, 2020 and was elected by the Bank. In April 2020, the federal banking agencies issued an interim final rule that makes temporary changes to the CBLR framework, pursuant to section 4012 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and a second interim final rule that provides a graduated increase in the community bank leverage ratio requirement after the expiration of the temporary changes implemented pursuant to section 4012 of the CARES Act. The community bank leverage ratio removes the requirement for qualifying banking organizations to calculate and report risk-based capital but rather only requires a Tier 1 to average assets (leverage) ratio. Qualifying community banking organizations that elect to use the community bank leverage ratio framework and that maintain a leverage ratio of greater than required minimums will be considered to have satisfied the generally applicable risk based and leverage capital requirements in the agencies’ capital rules (generally applicable rule) and, if applicable, will be considered to have met the well capitalized ratio requirements for purposes of section 38 of the Federal Deposit Insurance Act. Under the interim final rules, the community bank leverage ratio minimum requirement is 8 8.5 9 7 7.5 8 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (9) Regulatory Matters, Continued. Management believes, as of September 30, 2021 and December 31, 2020, that the Bank meets all capital adequacy requirements to which it is subject. The Bank’s actual capital amounts and percentages are presented in the table ($ in thousands): Schedule of Capital Amounts, Ratios and Regulatory Thresholds Actual To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) Amount % Amount % As of September 30, 2021: Tier I Capital to Total Assets 32,980 10.96 % 25,567 8.5 % Actual To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) Amount % Amount % As of December 31, 2020: Tier I Capital to Total Assets 19,261 9 % 17,116 8 % |
Preferred Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Preferred Stock | (10) Preferred Stock During the first quarter of 2021, the Company issued 160 25,000 4,000,000 During the second quarter of 2021, the Company issued 200 25,000 5,000,000 The Series B Preferred Stock has no par value. Except in the case of liquidation, if the Company declares or pays a dividend or distribution on the common stock, the Company shall simultaneously declare and pay a dividend on the Series B Preferred Stock on a pro rata basis with the common stock determined on an as-converted basis assuming all Shares of Series B Preferred Stock had been converted immediately prior to the record date of the applicable dividend. At September 30, 2021, the Company had 760 7,600,000 9.9 25,000 The Preferred Stock generally has no voting rights except as provided in the Certificate of Designation. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | (11) Contingencies |
General (Policies)
General (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Subsequent Events | Subsequent Events . The Company has evaluated subsequent events through November 9, 2021, which is the date the condensed consolidated financial statements were issued. |
Coronavirus Global Pandemic | Coronavirus Global Pandemic |
Junior Subordinated Debenture | Junior Subordinated Debenture 5,155,000 5,000 155 5,155,000 The outstanding principal amount of the Junior Subordinated Debenture at December 31, 2020, was $ 2,068,000 30,000 During the first nine months of 2021, the Company acquired all of the outstanding Trust Preferred Securities and paid all accrued interest in exchange for 700,614 During the first quarter of 2021, the Company issued 11,042 shares of common stock to pay approximately $ 41,000 of accrued interest associated with the Junior Subordinated Debenture. During the second quarter of 2021, the Company issued 282,377 840 840,000 7,000 During the third quarter of 2021, the Company issued 407,195 1,228 1,221,000 As of September 30, 2021, the Company had acquired all of the Trust Preferred Securities. Accordingly, there was no principal or accrued interest owed by the Company with respect to the Junior Subordinated Debenture or the Trust Preferred Securities at September 30, 2021. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (1) General, Continued. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) . GAAP generally requires that recognized revenue, expenses, gains and losses be included in net earnings (loss). Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale debt securities, are reported as a separate component of the equity section of the condensed consolidated balance sheets, such items along with net earnings (loss), are components of comprehensive income (loss). Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated Other Comprehensive Loss September 30, December 31, 2021 2020 Unrealized (loss) gain on debt securities available for sale $ (290 ) $ 50 Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (46 ) (144 ) Income tax benefit — 25 Accumulated other comprehensive loss $ (336 ) $ (69 ) |
Income Taxes | Income Taxes |
Reclassifications | Reclassifications |
Recent Pronouncements | Recent Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 Financial Instruments-Credit Losses (Topic 326) (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) |
General (Tables)
General (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consists of the following (in thousands): Schedule of Accumulated Other Comprehensive Loss September 30, December 31, 2021 2020 Unrealized (loss) gain on debt securities available for sale $ (290 ) $ 50 Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity (46 ) (144 ) Income tax benefit — 25 Accumulated other comprehensive loss $ (336 ) $ (69 ) |
Debt Securities (Tables)
Debt Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Securities | |
Schedule of Amortized Cost and Approximate Fair Values of Debt Securities | Schedule of Amortized Cost and Approximate Fair Values of Debt Securities Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At September 30, 2021: Available for sale: SBA Pool Securities $ 1,139 $ 1 $ (27 ) $ 1,113 Collateralized mortgage obligations 237 13 — 250 Taxable municipal securities 16,776 58 (165 ) 16,669 Mortgage-backed securities 17,876 31 (201 ) 17,706 Total $ 36,028 $ 103 $ (393 ) $ 35,738 Held-to-maturity: Collateralized mortgage obligations $ 1,061 $ 43 — $ 1,104 Mortgage-backed securities 266 5 — 271 Total $ 1,327 $ 48 — $ 1,375 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value At December 31, 2020: Available for sale: SBA Pool Securities $ 1,338 $ — $ (41 ) $ 1,297 Collateralized mortgage obligations 458 27 — 485 Taxable municipal securities 5,063 29 (7 ) 5,085 Mortgage-backed securities 11,984 53 (11 ) 12,026 Total $ 18,843 $ 109 $ (59 ) $ 18,893 Held-to-maturity: Collateralized mortgage obligations $ 2,420 $ 116 — $ 2,536 Mortgage-backed securities 979 34 — 1,013 Total $ 3,399 $ 150 — $ 3,549 |
Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category | Debt Securities available for sale with gross unrealized losses, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position, is as follows (in thousands): Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category At September 30, 2021 Over Twelve Months Less Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value Available for Sale : SBA Pool Securities (27 ) 907 — — Taxable municipal securities — — (165 ) 12,124 Mortgage-backed securities (39 ) 1,613 (162 ) 15,205 Total $ (66 ) $ 2,520 $ (327 ) $ 27,329 At December 31, 2020 Over Twelve Months Less Than Twelve Months Gross Gross Unrealized Fair Unrealized Fair Losses Value Losses Value Available for Sale : SBA Pool Securities (41 ) 1,297 — — Taxable municipal securities — — (7 ) 1,413 Mortgage-backed securities — — (11 ) 3,583 Total $ (41 ) $ 1,297 $ (18 ) $ 4,996 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Components of Loans | Schedule of Components of Loans September 30, December 31, 2021 2020 Residential real estate $ 30,721 $ 28,997 Multi-family real estate 41,159 19,210 Commercial real estate 102,416 74,398 Land and construction 4,694 4,750 Commercial 18,269 21,849 Consumer 12,085 5,715 Total loans 209,344 154,919 Deduct: Net deferred loan fees, costs and premiums (784 ) (544 ) Allowance for loan losses (2,695 ) (1,906 ) Loans, net $ 205,865 $ 152,469 |
Schedule of Change in Allowance for Loan Losses | Schedule of Change in Allowance for Loan Losses Real Estate Real Estate Commercial Real Estate Land and Construction Commercial Consumer Unallocated Total Residential Multi-Family Real Estate Real Estate Commercial Real Estate Land and Construction Commercial Consumer Unallocated Total Three Months Ended September 30, 2021: Beginning balance $ 472 $ 392 $ 938 $ 57 $ 58 $ 314 $ — $ 2,231 (Credit) provision for loan losses (29 ) 102 349 (10 ) 39 131 — 582 Charge-offs — — — — (10 ) (111 ) — (121 ) Recoveries 3 — — — — — — 3 Ending balance $ 446 $ 494 $ 1,287 $ 47 $ 87 $ 334 $ — $ 2,695 Three Months Ended September 30, 2020: Beginning balance $ 717 $ 153 $ 888 $ 50 $ 620 $ 236 $ — $ 2,664 Provision (credit) for loan losses 85 75 84 (5 ) 292 (7 ) — 524 Charge-offs (259 — — — (775 ) (17 ) — (1,051 ) Recoveries 1 — — 6 — 1 — 8 Ending balance $ 544 $ 228 $ 972 $ 51 $ 137 $ 213 $ — $ 2,145 Nine Months Ended September 30, 2021: Beginning balance $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ — $ 1,906 (Credit) provision for loan losses (46 ) 241 403 (13 ) 4 366 — 955 Charge-offs — — — — (20 ) (191 ) — (211 ) Recoveries 29 — — $ 8 — 8 — 45 Ending balance $ 446 $ 494 $ 1,287 $ 47 $ 87 $ 334 $ — $ 2,695 Nine Months Ended September 30, 2020: Beginning balance $ 531 $ 82 $ 624 $ 21 $ 573 $ 152 $ 26 $ 2,009 Provision (credit) for loan losses 264 146 348 12 339 153 (26 ) 1,236 Charge-offs (259 ) — — — (775 ) (94 ) — (1,128 ) Recoveries 8 — — 18 — 2 — 28 Ending balance $ 544 $ 228 $ 972 $ 51 $ 137 $ 213 $ - $ 2,145 (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Condensed Consolidated Financial Statements (Unaudited) (3) Loans, Continued. Multi- Residential Family Real Estate Real Estate Commercial Real Estate Land and Construction Commercial Consumer Unallocated Total At September 30, 2021: Individually evaluated for impairment: Recorded investment $ — $ — $ — $ — $ — $ — $ — $ — Balance in allowance for loan losses $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment: Recorded investment $ 30,721 $ 41,159 $ 102,416 $ 4,694 $ 18,269 $ 12,085 $ — $ 209,344 Balance in allowance for loan losses $ 446 $ 494 $ 1,287 $ 47 $ 87 $ 334 $ — $ 2,695 At December 31, 2020: Individually evaluated for impairment: Recorded investment $ — $ — $ 2,193 $ — $ — $ — $ — $ 2,193 Balance in allowance for loan losses $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated for impairment: Recorded investment $ 28,997 $ 19,210 $ 72,205 $ 4,750 $ 21,849 $ 5,715 $ — $ 152,726 Balance in allowance for loan losses $ 463 $ 253 $ 884 $ 52 $ 103 $ 151 $ — $ 1,906 |
Schedule of Loans by Credit Quality | Schedule of Loans by Credit Quality OLEM (Other Loans Especially Sub- Pass Mentioned) Standard Doubtful Loss Total At September 30, 2021: Residential real estate $ 28,212 $ — $ 2,509 $ — $ — $ 30,721 Multi-family real estate 41,159 — — — — 41,159 Commercial real estate 99,825 2,591 — — — 102,416 Land and construction 4,694 — — — — 4,694 Commercial 17,992 277 — — — 18,269 Consumer 12,085 — — — — 12,085 Total $ 203,967 $ 2,868 $ 2,509 $ — $ — $ 209,344 At December 31, 2020: Residential real estate $ 28,151 $ — $ 846 $ — $ — $ 28,997 Multi-family real estate 19,210 — — — — 19,210 Commercial real estate 66,089 4,449 3,860 — — 74,398 Land and construction 4,750 — — — — 4,750 Commercial 20,735 1,114 — — — 21,849 Consumer 5,715 — — — — 5,715 Total $ 144,650 $ 5,563 $ 4,706 $ — $ — $ 154,919 |
Schedule of Age Analysis of Past-due Loans | Schedule of Age Analysis of Past-due Loans Accruing Loans Greater 30-59 60-89 Than 90 Days Past Days Past Days Past Total Past Nonaccrual Total Due Due Past Due Current Loans Loans At September 30, 2021: Residential real estate $ — $ — $ — $ — $ 30,721 $ — $ 30,721 Multi-family real estate — — — — 41,159 — 41,159 Commercial real estate — — — — 102,416 — 102,416 Land and construction — — — — 4,694 — 4,694 Commercial — — — — 18,269 — 18,269 Consumer 21 22 — 43 12,042 — 12,085 Total $ 21 $ 22 $ — $ 43 $ 209,301 $ — $ 209,344 Accruing Loans Greater 30-59 Days 60-89 Days Than 90 Days Total Past Past Past Past Nonaccrual Total Due Due Due Due Current Loans Loans At December 31, 2020: Residential real estate $ 977 $ — $ — $ 977 $ 28,020 $ — $ 28,997 Multi-family real estate — — — — 19,210 — 19,210 Commercial real estate — — — — 72,205 2,193 74,398 Land and construction — — — — 4,750 — 4,750 Commercial — — — — 21,849 — 21,849 Consumer 6 — — 6 5,709 — 5,715 Total $ 983 $ — $ — $ 983 $ 151,743 $ 2,193 $ 154,919 |
Schedule of Impaired Loans | There were no impaired loans at September 30, 2021. The following summarizes the amount of impaired loans at December 31, 2020 (in thousands): Schedule of Impaired Loans December 31, 2020 Unpaid Recorded Principal Related Investment Balance Allowance With no related allowance recorded: Commercial real estate $ 2,193 $ 2,193 — |
Schedule of Interest Income Recognized and Received on Impaired Loans | Schedule of Interest Income Recognized and Received on Impaired Loans Three Months Ended September 30, 2021 2020 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential real estate $ — $ — $ — $ 626 $ — $ — Commercial real estate $ — $ — $ — $ 2,193 $ 26 $ — Commercial $ — $ — $ — $ 270 $ — $ — Total $ — $ — $ — $ 3,089 $ 26 $ — Nine Months Ended September 30, 2021 2020 Average Interest Interest Average Interest Interest Recorded Income Income Recorded Income Income Investment Recognized Received Investment Recognized Received Residential real estate $ — $ — $ — $ 846 $ 18 $ 11 Commercial real estate $ 658 $ 7 $ 7 $ 2,194 $ 78 $ 60 Commercial $ — $ — $ — $ 649 $ — $ 18 Total $ 658 $ 7 $ 7 $ 3,689 $ 96 $ 89 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Loss Per Share | Schedule of Basic and Diluted Loss Per Share 2021 2020 2021 2020 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted-average number of common shares outstanding used to calculate basic and diluted loss per common share 4,346,211 2,951,353 3,611,814 2,920,961 (continued) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Debt Securities Available-for-sale Measured at Fair Value on Recurring Basis | Debt securities available for sale measured at fair value on a recurring basis are summarized below (in thousands): Schedule of Debt Securities Available-for-sale Measured at Fair Value on Recurring Basis Fair Value Measurements Using Quoted Prices Significant In Active Markets for Other Observable Significant Unobservable Fair Value Identical Assets Inputs Inputs (Level 3) At September 30, 2021 : SBA Pool Securities $ 1,113 $ — $ 1,113 — Collateralized mortgage obligations 250 — 250 — Taxable municipal securities 16,669 — 16,669 — Mortgage-backed securities 17,706 — 17,706 — Total $ 35,738 — $ 35,738 — Fair Value Measurements Using Quoted Prices In Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (Level 1) (Level 2) (Level 3) At December 31, 2020 : SBA Pool Securities $ 1,297 $ — $ 1,297 — Collateralized mortgage obligations 485 — 485 — Taxable municipal securities 5,085 — 5,085 — Mortgage-backed securities 12,026 — 12,026 — Total $ 18,893 — $ 18,893 — |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of Estimated Fair Value of Financial Instruments | Schedule of Estimated Fair Value of Financial Instruments Carrying Amount Fair Value Level Carrying Amount Fair Value Level At September 30, 2021 At December 31, 2020 Carrying Amount Fair Value Level Carrying Amount Fair Value Level Financial assets: Cash and cash equivalents $ 83,583 $ 83,583 1 $ 54,629 $ 54,629 1 Debt securities available for sale 35,738 35,738 2 18,893 18,893 2 Debt securities held-to-maturity 1,327 1,375 2 3,399 3,549 2 Loans 205,865 205,807 3 152,469 153,276 3 Federal Home Loan Bank stock 793 793 3 1,092 1,092 3 Accrued interest receivable 863 863 3 1,336 1,336 3 Financial liabilities: Deposit liabilities 281,746 281,813 3 190,759 191,011 3 Federal Home Loan Bank advances 18,000 18,185 3 23,000 23,254 3 Junior subordinated debenture — — 3 2,068 N/A (1) 3 Off-balance sheet financial instruments — — 3 — — 3 (1) The Company is unable to determine value based on significant unobservable inputs required in the calculation. |
Off- Balance Sheet Financial _2
Off- Balance Sheet Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Off- Balance Sheet Financial Instruments | |
Schedule of Off-Balance Sheet Risks of Financial Instruments | Schedule of Off-Balance Sheet Risks of Financial Instruments Commitments to extend credit $ 16,153 Unused lines of credit $ 11,532 Standby letters of credit $ 4,550 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Capital Amounts, Ratios and Regulatory Thresholds | Schedule of Capital Amounts, Ratios and Regulatory Thresholds Actual To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) Amount % Amount % As of September 30, 2021: Tier I Capital to Total Assets 32,980 10.96 % 25,567 8.5 % Actual To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) Amount % Amount % As of December 31, 2020: Tier I Capital to Total Assets 19,261 9 % 17,116 8 % |
Schedule of Accumulated Other C
Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Unrealized (loss) gain on debt securities available for sale | $ (290) | $ 50 |
Unamortized portion of unrealized loss related to debt securities available for sale transferred to securities held-to-maturity | (46) | (144) |
Income tax benefit | 25 | |
Accumulated other comprehensive loss | $ (336) | $ (69) |
General (Details Narrative)
General (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2004 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Equity method investment, ownership percentage | 100.00% | ||||
Junior Subordinated Debenture [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 11,042 | ||||
Interest Payable, Current | $ 41,000 | ||||
Trust Preferred Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Interest payable | $ 7,000 | ||||
Conversion of stock, shares converted | 282,377 | 407,195 | |||
Number of stock cancelled during the period | $ 840,000 | $ 1,221,000 | |||
Trust Preferred Securities [Member] | Holders [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Conversion of stock, shares converted | 840 | 1,228 | |||
Junior Subordinated Debenture [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Outstanding amount | $ 2,068,000 | ||||
Interest payable | $ 30,000 | ||||
Shares issued in exchange of accrued interest | 700,614 | ||||
OptimumBank Holdings Capital Trust I [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Proceeds from issuance of trust preferred securities | $ 5,155,000 | ||||
Number of trust preferred securities issued | 5,000 | ||||
Number of common trust securities issued | 155 | ||||
Purchase of junior subordinated debenture | $ 5,155,000 |
Schedule of Amortized Cost and
Schedule of Amortized Cost and Approximate Fair Values of Debt Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for sale, amortized cost | $ 36,028 | $ 18,843 |
Available for sale, gross unrealized gains | 103 | 109 |
Available for sale, gross unrealized losses | (393) | (59) |
Available for sale, fair value | 35,738 | 18,893 |
Held-to-maturity, amortized cost | 1,327 | 3,399 |
Held-to-maturity, gross unrealized gains | 48 | 150 |
Held-to-maturity, gross unrealized losses | ||
Held-to-maturity, fair value | 1,375 | 3,549 |
Taxable Municipal Bonds [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for sale, amortized cost | 16,776 | 5,063 |
Available for sale, gross unrealized gains | 58 | 29 |
Available for sale, gross unrealized losses | (165) | (7) |
Available for sale, fair value | 16,669 | 5,085 |
SBA Pool Securities [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for sale, amortized cost | 1,139 | 1,338 |
Available for sale, gross unrealized gains | 1 | |
Available for sale, gross unrealized losses | (27) | (41) |
Available for sale, fair value | 1,113 | 1,297 |
Collateralized Mortgage Obligations [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for sale, amortized cost | 237 | 458 |
Available for sale, gross unrealized gains | 13 | 27 |
Available for sale, gross unrealized losses | ||
Available for sale, fair value | 250 | 485 |
Held-to-maturity, amortized cost | 1,061 | 2,420 |
Held-to-maturity, gross unrealized gains | 43 | 116 |
Held-to-maturity, gross unrealized losses | ||
Held-to-maturity, fair value | 1,104 | 2,536 |
Collateralized Mortgage Backed Securities [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for sale, amortized cost | 17,876 | 11,984 |
Available for sale, gross unrealized gains | 31 | 53 |
Available for sale, gross unrealized losses | (201) | (11) |
Available for sale, fair value | 17,706 | 12,026 |
Held-to-maturity, amortized cost | 266 | 979 |
Held-to-maturity, gross unrealized gains | 5 | 34 |
Held-to-maturity, gross unrealized losses | ||
Held-to-maturity, fair value | $ 271 | $ 1,013 |
Schedule of Debt Securities wit
Schedule of Debt Securities with Gross Unrealized Losses, by Investment Category (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses | $ (66) | $ (41) |
Available for Sale, Securities Position Over 12 Months, Fair Value | 2,520 | 1,297 |
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses | (327) | (18) |
Available for Sale, Securities Position Less than 12 Month, Fair Value | 27,329 | 4,996 |
Taxable Municipal Bonds [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses | ||
Available for Sale, Securities Position Over 12 Months, Fair Value | ||
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses | (165) | (7) |
Available for Sale, Securities Position Less than 12 Month, Fair Value | 12,124 | 1,413 |
SBA Pool Securities [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses | (27) | (41) |
Available for Sale, Securities Position Over 12 Months, Fair Value | 907 | 1,297 |
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses | ||
Available for Sale, Securities Position Less than 12 Month, Fair Value | ||
Collateralized Mortgage Backed Securities [Member] | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Available for Sale, Securities Position Over 12 Months, Gross unrealized Losses | (39) | |
Available for Sale, Securities Position Over 12 Months, Fair Value | 1,613 | |
Available for Sale, Securities Position Less than 12 Month, Gross unrealized Losses | (162) | (11) |
Available for Sale, Securities Position Less than 12 Month, Fair Value | $ 15,205 | $ 3,583 |
Debt Securities (Details Narrat
Debt Securities (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Debt Securities | |||
Available for sale debt securities | $ 0 | $ 0 | |
Debt securities in unrealized loss position | twenty-nine | eleven |
Schedule of Components of Loans
Schedule of Components of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | $ 209,344 | $ 154,919 | ||||
Net deferred loan fees, costs and premiums | (784) | (544) | ||||
Allowance for loan losses | (2,695) | $ (2,231) | (1,906) | $ (2,145) | $ (2,664) | $ (2,009) |
Loans, net | 205,865 | 152,469 | ||||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 30,721 | 28,997 | ||||
Allowance for loan losses | (446) | (472) | (463) | (544) | (717) | (531) |
Multi-Family Real Estate [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 41,159 | 19,210 | ||||
Allowance for loan losses | (494) | (392) | (253) | (228) | (153) | (82) |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 102,416 | 74,398 | ||||
Allowance for loan losses | (1,287) | (938) | (884) | (972) | (888) | (624) |
Construction Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 4,694 | 4,750 | ||||
Allowance for loan losses | (47) | (57) | (52) | (51) | (50) | (21) |
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 18,269 | 21,849 | ||||
Allowance for loan losses | (87) | (58) | (103) | (137) | (620) | (573) |
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 12,085 | 5,715 | ||||
Allowance for loan losses | $ (334) | $ (314) | $ (151) | $ (213) | $ (236) | $ (152) |
Schedule of Change in Allowance
Schedule of Change in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | ||||||
Beginning balance | $ 2,231 | $ 2,664 | $ 1,906 | $ 2,009 | ||
Provision (credit) for loan losses | 582 | 955 | 1,236 | |||
Charge-offs | (121) | (1,051) | (211) | (1,128) | ||
Recoveries | 3 | 8 | 45 | 28 | ||
Ending balance | 2,695 | 2,145 | 2,695 | 2,145 | ||
Provision (credit) for loan losses | 524 | |||||
Recorded investment | $ 2,193 | |||||
Balance in allowance for loan losses | ||||||
Recorded investment | 209,344 | 209,344 | 152,726 | |||
Balance in allowance for loan losses | 2,695 | 2,695 | 1,906 | |||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Beginning balance | 472 | 717 | 463 | 531 | ||
Provision (credit) for loan losses | (29) | (46) | 264 | |||
Charge-offs | (259) | (259) | ||||
Recoveries | 3 | 1 | 29 | 8 | ||
Ending balance | 446 | 544 | 446 | 544 | ||
Provision (credit) for loan losses | 85 | |||||
Recorded investment | ||||||
Balance in allowance for loan losses | ||||||
Recorded investment | 30,721 | 30,721 | 28,997 | |||
Balance in allowance for loan losses | 446 | 446 | 463 | |||
Multi-Family Real Estate [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Beginning balance | 392 | 153 | 253 | 82 | ||
Provision (credit) for loan losses | 102 | 241 | 146 | |||
Charge-offs | ||||||
Recoveries | ||||||
Ending balance | 494 | 228 | 494 | 228 | ||
Provision (credit) for loan losses | 75 | |||||
Recorded investment | ||||||
Balance in allowance for loan losses | ||||||
Recorded investment | 41,159 | 41,159 | 19,210 | |||
Balance in allowance for loan losses | 494 | 494 | 253 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Beginning balance | 938 | 888 | 884 | 624 | ||
Provision (credit) for loan losses | 349 | 403 | 348 | |||
Charge-offs | ||||||
Recoveries | ||||||
Ending balance | 1,287 | 972 | 1,287 | 972 | ||
Provision (credit) for loan losses | 84 | |||||
Recorded investment | 2,193 | |||||
Balance in allowance for loan losses | ||||||
Recorded investment | 102,416 | 102,416 | 72,205 | |||
Balance in allowance for loan losses | 1,287 | 1,287 | 884 | |||
Construction Loans [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Beginning balance | 57 | 50 | 52 | 21 | ||
Provision (credit) for loan losses | (10) | (13) | 12 | |||
Charge-offs | ||||||
Recoveries | 6 | 8 | 18 | |||
Ending balance | 47 | 51 | 47 | 51 | ||
Provision (credit) for loan losses | (5) | |||||
Recorded investment | ||||||
Balance in allowance for loan losses | ||||||
Recorded investment | 4,694 | 4,694 | 4,750 | |||
Balance in allowance for loan losses | 47 | 47 | 52 | |||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Beginning balance | 58 | 620 | 103 | 573 | ||
Provision (credit) for loan losses | 39 | 4 | 339 | |||
Charge-offs | (10) | (775) | (20) | (775) | ||
Recoveries | ||||||
Ending balance | 87 | 137 | 87 | 137 | ||
Provision (credit) for loan losses | 292 | |||||
Recorded investment | ||||||
Balance in allowance for loan losses | ||||||
Recorded investment | 18,269 | 18,269 | 21,849 | |||
Balance in allowance for loan losses | 87 | 87 | 103 | |||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Beginning balance | 314 | 236 | 151 | 152 | ||
Provision (credit) for loan losses | 131 | 366 | 153 | |||
Charge-offs | (111) | (17) | (191) | (94) | ||
Recoveries | 1 | 8 | 2 | |||
Ending balance | 334 | 213 | 334 | 213 | ||
Provision (credit) for loan losses | (7) | |||||
Recorded investment | ||||||
Balance in allowance for loan losses | ||||||
Recorded investment | 12,085 | 12,085 | 5,715 | |||
Balance in allowance for loan losses | 334 | 334 | 151 | |||
Unallocated Financing Receivables [Member] | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Beginning balance | 26 | |||||
Provision (credit) for loan losses | (26) | |||||
Charge-offs | ||||||
Recoveries | ||||||
Ending balance | ||||||
Provision (credit) for loan losses | ||||||
Recorded investment | ||||||
Balance in allowance for loan losses | ||||||
Recorded investment | ||||||
Balance in allowance for loan losses |
Schedule of Loans by Credit Qua
Schedule of Loans by Credit Quality (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | $ 209,344 | $ 154,919 |
Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 203,967 | 144,650 |
Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 2,868 | 5,563 |
Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 2,509 | 4,706 |
Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Residential Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 30,721 | 28,997 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 28,212 | 28,151 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 2,509 | 846 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Residential Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Multi-Family Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 41,159 | 19,210 |
Multi-Family Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 41,159 | 19,210 |
Multi-Family Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Multi-Family Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Multi-Family Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Multi-Family Real Estate [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 102,416 | 74,398 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 99,825 | 66,089 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 2,591 | 4,449 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 3,860 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Commercial Real Estate Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 4,694 | 4,750 |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 4,694 | 4,750 |
Construction Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Construction Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Construction Loans [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 18,269 | 21,849 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 17,992 | 20,735 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 277 | 1,114 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Commercial Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 12,085 | 5,715 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | 12,085 | 5,715 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans | ||
Consumer Portfolio Segment [Member] | Loss [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Risk rated loans |
Schedule of Age Analysis of Pas
Schedule of Age Analysis of Past-due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | $ 2,193 | |
Total Loans | 209,344 | 154,919 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 21 | 983 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 22 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 43 | 983 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 209,301 | 151,743 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | ||
Total Loans | 30,721 | 28,997 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 977 | |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 977 | |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 30,721 | 28,020 |
Multi-Family Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | ||
Total Loans | 41,159 | 19,210 |
Multi-Family Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Multi-Family Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Multi-Family Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Multi-Family Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Multi-Family Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 41,159 | 19,210 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | 2,193 | |
Total Loans | 102,416 | 74,398 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 102,416 | 72,205 |
Construction Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | ||
Total Loans | 4,694 | 4,750 |
Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 4,694 | 4,750 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | ||
Total Loans | 18,269 | 21,849 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 18,269 | 21,849 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans | ||
Total Loans | 12,085 | 5,715 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 21 | 6 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 22 | |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | ||
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | 43 | 6 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due loans | $ 12,042 | $ 5,709 |
Schedule of Impaired Loans (Det
Schedule of Impaired Loans (Details) - Commercial Real Estate Portfolio Segment [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Financing Receivable, Past Due [Line Items] | |
Recorded Investment , With no related allowance recorded | $ 2,193 |
Unpaid Principal Balance, With no related allowance recorded | 2,193 |
Related Allowance, With no related allowance recorded |
Schedule of Interest Income Rec
Schedule of Interest Income Recognized and Received on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Past Due [Line Items] | ||||
Impaired loans - Average Recorded Investment | $ 3,089 | $ 658 | $ 3,689 | |
Impaired loans - Interest Income Recognized | 26 | 7 | 96 | |
Impaired loans - Interest Income Received | 7 | 89 | ||
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Impaired loans - Average Recorded Investment | 626 | 846 | ||
Impaired loans - Interest Income Recognized | 18 | |||
Impaired loans - Interest Income Received | 11 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Impaired loans - Average Recorded Investment | 2,193 | 658 | 2,194 | |
Impaired loans - Interest Income Recognized | 26 | 7 | 78 | |
Impaired loans - Interest Income Received | 7 | 60 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Past Due [Line Items] | ||||
Impaired loans - Average Recorded Investment | 270 | 649 | ||
Impaired loans - Interest Income Recognized | ||||
Impaired loans - Interest Income Received | $ 18 |
Loans (Details Narrative)
Loans (Details Narrative) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)NumberOfLoans | |
PPP Loan [Member] | |
Debt Instrument [Line Items] | |
Debt instrument face amount | $ 37.4 |
Loans payable | $ 14.3 |
Paycheck Protection Program [Member] | |
Debt Instrument [Line Items] | |
Number of loans originated | NumberOfLoans | 502 |
Schedule of Basic and Diluted L
Schedule of Basic and Diluted Loss Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted-average number of common shares outstanding used to calculate basic and diluted loss per common share | 4,346,211 | 2,951,353 | 3,611,814 | 2,920,961 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | |
Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Issued During Period, Shares, Issued for Services | 62,112 | |
Share-based Payment Arrangement, Expense | $ 200,000 | |
2018 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 250,096 | |
Other Liabilities, Current | $ 200,000 | |
2018 Equity Incentive Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 550,000 |
Schedule of Debt Securities Ava
Schedule of Debt Securities Available-for-sale Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | $ 35,738 | $ 18,893 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | 35,738 | 18,893 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | ||
SBA Pool Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | 1,113 | 1,297 |
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | ||
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | 1,113 | 1,297 |
SBA Pool Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | ||
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | 250 | 485 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | ||
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | 250 | 485 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | ||
Taxable Municipal Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | 16,669 | 5,085 |
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | ||
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | 16,669 | 5,085 |
Taxable Municipal Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | ||
Collateralized Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | 17,706 | 12,026 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale | 17,706 | 12,026 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities available for sale |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities transferred in or out | $ 0 | $ 0 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | $ 35,738 | $ 18,893 | |
Debt securities held-to-maturity | 1,327 | 3,399 | |
Accrued interest receivable | 863 | 1,336 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | |||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | 35,738 | 18,893 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | |||
Reported Value Measurement [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash and cash equivalents | 83,583 | 54,629 | |
Debt securities available for sale | 35,738 | 18,893 | |
Debt securities held-to-maturity | 1,327 | 3,399 | |
Loans | 205,865 | 152,469 | |
Federal Home Loan Bank stock | 793 | 1,092 | |
Accrued interest receivable | 863 | 1,336 | |
Deposit liabilities | 281,746 | 190,759 | |
Federal Home Loan Bank advances | 18,000 | 23,000 | |
Junior subordinated debenture | 2,068 | ||
Off-balance sheet financial instruments | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Cash and cash equivalents | 83,583 | 54,629 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Debt securities available for sale | 35,738 | 18,893 | |
Debt securities held-to-maturity | 1,375 | 3,549 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loans | 205,807 | 153,276 | |
Federal Home Loan Bank stock | 793 | 1,092 | |
Accrued interest receivable | 863 | 1,336 | |
Deposit liabilities | 281,813 | 191,011 | |
Federal Home Loan Bank advances | 18,185 | 23,254 | |
Junior subordinated debenture | 0 | [1] | |
Off-balance sheet financial instruments | |||
[1] | The Company is unable to determine value based on significant unobservable inputs required in the calculation. |
Schedule of Off-Balance Sheet R
Schedule of Off-Balance Sheet Risks of Financial Instruments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Off- Balance Sheet Financial Instruments | |
Commitments to extend credit | $ 16,153 |
Unused lines of credit | 11,532 |
Standby letters of credit | $ 4,550 |
Schedule of Capital Amounts, Ra
Schedule of Capital Amounts, Ratios and Regulatory Thresholds (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Tier I Capital to Total Assets | $ 32,980 | $ 19,261 |
Tier I Capital to Total Assets, Ratio | 0.1096 | 0.09 |
Tier I Capital to Total Assets To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework) | $ 25,567 | $ 17,116 |
Tier I Capital to Total Assets To Be Well Capitalized Under Prompt Corrective Action Regulations (CBLR Framework), Ratio | 0.085 | 0.08 |
Regulatory Matters (Details Nar
Regulatory Matters (Details Narrative) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Community bank leverage ratio | 8.00% | |
Community bank leverage ratio 2021 | 8.50% | |
Community bank leverage ratio 2022 and beyond | 9.00% | |
Bank leverage ratio | 7.00% | |
Bank leverage ratio 2021 | 7.50% | |
Bank leverage ratio 2022 and beyond | 8.00% |
Preferred Stock (Details Narrat
Preferred Stock (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shares issued during the period, amount | $ 1,611,000 | $ 1,176,000 | $ 539,000 | |||
Series B Preferred Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Preferred Stock, Shares Outstanding | 760 | 760 | ||||
Stockholders beneficial ownership percentage of outstanding shares of common stock | 9.90% | |||||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | $ 25,000 | ||||
Preferred Stock, Voting Rights | The Preferred Stock generally has no voting rights except as provided in the Certificate of Designation. | |||||
Common Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Conversion of shares, shares issued | 7,600,000 | |||||
Series B Participating Preferred Stock [Member] | Related Party [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of shares issued | 160 | |||||
Shares issued price per shares | $ 25,000 | |||||
Shares issued during the period, amount | $ 4,000,000 | |||||
Series B Participating Preferred Stock [Member] | Non-Related Party [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Number of shares issued | 200 | |||||
Shares issued price per shares | $ 25,000 | $ 25,000 | ||||
Shares issued during the period, amount | $ 5,000,000 |